Breaking: Tinubu appoints new Bank of Agriculture MD

President Bola Tinubu has approved the appointment of Mr. Ayo Sotinrin as the new Managing Director of the Bank of Agriculture, a move seen as a major step towards revitalising Nigeria’s agricultural sector.

The appointment, which takes immediate effect, was announced on Thursday through a State House press statement signed by presidential aide Bayo Onanuga.

Mr. Sotinrin, a seasoned executive with a strong background in both the private and public sectors, is expected to bring transformative leadership to the Bank of Agriculture. Before his appointment, he served as the Group Chief Executive Officer of SAO Group, where he spearheaded multiple agribusiness projects including a massive 20,000-hectare oil palm plantation as well as commercial poultry, aquaculture, maize, and cassava initiatives in Ondo State.

Under his leadership at SAO Capital, the group raised over $750 million for infrastructure and development projects, most notably securing $200 million for the Akure Water Supply Project.

In public service, Sotinrin was Special Adviser (Environment & Urban Development) to the Minister of State, FCT between 2011 and 2015. He has also served as a consultant to international organisations such as the World Bank, African Development Bank (AfDB), the UK’s Department for International Development (DFID), and USAID.

Internationally, he worked with global financial institutions including the Royal Bank of Scotland International, Deutsche Bank, and the UK Environment Agency.

Sotinrin holds an Executive MBA from Oxford University’s Saïd Business School, a Master’s degree in Engineering Business Management from the University of Warwick, and an Advanced Diploma in Environmental Conservation.

According to President Tinubu, the appointment is in line with his administration’s commitment to achieving food security, promoting rural prosperity, and strengthening Nigeria’s agricultural value chain.

“Mr. Sotinrin’s proven ability to mobilise capital, innovate in agribusiness, and collaborate across sectors will be instrumental in repositioning the Bank of Agriculture as a catalyst for food security, sovereignty, and rural prosperity,” the President said.